my vote would be against moderating.  I would rather put up with some flak
messages and know that I'm seeing what everyone has to think than to
have some posts cut out without the chance to read them (I know I can
access them through this killserv method, but I'd rather not kill my
quota doing it).  I think the biggest problem with the unmoderated
version was the large number of posts calling other posts irrelevant
or offensive... if something is inappropriate, don't flatter it
with response.
The issue seems similar to the cinematic world.  I would rather see
4 bad films for every good one if that means I know every filmmaker
is getting a chance to express her ideas.
 
denis